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247sports:
hmm can someone breifly explain wt is social (external)  costs n social (external) benefits.....i mean wts the diff
and also cost-benifit analysis...plzz if someone answers it will b a big help
Thanks

astarmathsandchemistry:

--- Quote from: 247sports on June 02, 2009, 05:44:54 pm ---hmm can someone breifly explain wt is social (external)  costs n social (external) benefits.....i mean wts the diff
and also cost-benifit analysis...plzz if someone answers it will b a big help
Thanks

--- End quote ---
the word social means something related to the economy
Social costs is a negative effect that will happen to the social enviroment as an effect from a business deision, social benefits however are the opposite obviously, it is the positive effect on the social envuroment as an affect from a business decision, cost-benefit anlysis is just like a table where the Social costs and benefits and the private costs and benefits (these are the positive and negative effects on the business it self from a business decision) so that we can evaluate if the desicion should be take or not :)

For example: A company will open a new factory in country X, construct a Cost Benefit analysis for this.


ANSWER:     SOCIAL COSTS:
                           -possible pollution
                           -can destroy the natural bueaty of the land
                 SOCIAL BENEFITS:
                           -Decrease Unemployment
                           -Better economy as more products will be made and this increasing competition or variety for customers
                 PRIVATE COSTS:
                           -Cost of land
                           -Cost of labour
                           -Cost of new Machinery
                 PRIVATE BENEFITS:
                           -More profits
                           -Better reputaion of business
                           -Benefit from ecomies of scale (cost/unit falls)
THEN GIVE A REASONED CONLUSION OF WHETHER THE BUSINESS SHOULD BUILD ITS FACTORY OR NOT BASED ON THE CBA, THATS BASICALLY IT :)
ALSO, THE GOVERNMENT WILL CHOOSE IF THIS DECISION SHOULD BE TAKEN AS THEIR ARE SOCIAL BENEFITS AND COSTS, :)

I HOPE THIS HELPS
GOOD LUCK :)

Q80BOY:
gr8 work reko  ;)

astarmathsandchemistry:

--- Quote from: Q80BOY on June 02, 2009, 05:56:57 pm ---gr8 work reko  ;)

--- End quote ---
thanks :)

MaNa:

--- Quote from: 247sports on June 02, 2009, 05:44:54 pm ---hmm can someone breifly explain wt is social (external)  costs n social (external) benefits.....i mean wts the diff
and also cost-benifit analysis...plzz if someone answers it will b a big help
Thanks

--- End quote ---
Social cost : the conseqnece which society suffer as a result of Business decsion
like high price of product due to recession

Social benfit: the benfit which the society gain from a decision made by the business
like the business decided to no prodece goods  which are harmful for human (cigratte ) for instance

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